Legal artificial intelligence developers are targeting partners and dealmaking teams as focus shifts from streamlining basic tasks to creating commercial advantages for firms and their clients.
Adam Ryan, Litera’s vice president of product and a former King & Wood Mallesons senior associate, said artificial intelligence would enhance the work of partners just as much as junior associates. Firms already collect deal points to various degrees, but the best-resourced firms invariably hold the most data.
“Now, with artificial intelligence, firms can unlock this data incredibly easily. For partners at smaller firms, they’re going to have access to tools that might have only been available to very top firms,” Mr Hansky said.Deeligence, which is being used by local firms including Lander & Rogers, summarises and extracts key points from the due diligence process, which involves lawyers pouring over often thousands of documents for important contractual terms and clauses.
This month alone in the UK, Google Ventures took a stake in start-up Lawhive, leading a £9.5 million raise, while rival legal AI outfit Luminance secured £30 million in its latest funding round.Michael Legg, director of UNSW’s Centre for the Future of the Legal Profession, said law firms were reluctantly moving beyond“Law firms’ preference would be to stay with the tried and true billable hour, but they can see that’s not going to be the case forever,” Professor Legg said.
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